Event risk before this expiration:FOMC decision Wed, Sep 16 · Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 · FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ put-side pain■ call-side painTotal payout option writers would owe at each settle price (both sides, all open interest, ×100 shares) — low settles hurt put writers, high settles hurt call writers. The minimum — 60 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)O open contracts per strike for Fri, Dec 18.
Open-interest change — building vs unwinding
Needs two observed snapshot days for this expiration — the comparison appears automatically once the next weekday snapshot lands. We diff real observations only; nothing is estimated.
Volume by strike · Fri, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 16.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
Net dealer gamma per strike, in dollars per 1% move, assuming the standard convention (dealers long calls, short puts) — an assumption, not an observation. Above the amber flip level hedging tends to dampen moves; below it, to amplify them.
Greeks by strike · Fri, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
—
42.5
0.0018
0.00
-0.00
-0.02
0.99
-0.00
45
0.0049
0.01
-0.00
-0.03
0.98
-0.00
47.5
0.0111
0.02
-0.00
-0.04
0.94
-0.01
50
0.0210
0.03
-0.01
-0.08
0.89
-0.01
52.5
0.0350
0.06
-0.01
-0.13
0.79
-0.01
55
0.0544
0.09
-0.01
-0.23
0.63
-0.01
57.5
0.0753
0.11
-0.01
-0.39
0.43
-0.01
60
0.0822
0.12
-0.01
-0.58
0.25
-0.01
62.5
0.0668
0.10
-0.01
-0.76
0.14
-0.01
65
0.0436
0.07
-0.01
-0.88
0.07
-0.00
67.5
0.0260
0.04
-0.00
-0.94
0.04
-0.00
70
0.0154
0.03
-0.00
-0.96
0.02
-0.00
72.5
0.0092
0.02
0.00
-0.98
0.01
-0.00
75
0.0058
0.01
—
-0.99
0.01
-0.00
80
0.0024
0.01
—
-1.00
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 22 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.
Stacked — layer the expirations
Call open interest per strike, stacked across the checked expirations — each color is one expiry. Strikes are pruned to the liquid center of each chain.
Max pain is arithmetic, not prophecy: the settle price that would minimize what option writers pay out at expiration, computed from open interest alone. Prices sometimes gravitate toward heavy strikes into expiry — dealer hedging is a real flow — but the evidence that max pain predicts settlement better than chance is mixed, and we are not going to pretend otherwise. Use it as a map of where positioning is stacked, next to the fundamentals and the earnings calendar, not as a target.
Data: Cboe delayed public feed (~15 minutes), refreshed here about every 15 minutes. Open interest itself updates once daily, before the open. Educational information, not investment advice.